Stock index S&P 500 continue to move within the correction and the upward channel. Here the “Triangle” model is formed. At the time of the publication of the forecast, the index is trading at the level of 3437. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 3415 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 3655.
S&P 500 Forecast and Analysis October 22, 2020
An additional signal in favor of raising the stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3325. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3245. Expect to accelerate the growth of stock index quotes with a breakdown of the resistance area and closing above the 3555 area, which will indicate on the breakdown of the upper border of the “Triangle” model.
S&P 500 Forecast and Analysis October 22, 2020 suggests an attempt to test the support level near the 3415 area. Then, continued growth to the area above the 3655 level. A test of the trend line on the relative strength index (RSI) will be in favor of raising the S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 3325 area. This will indicate a continued decline with a target below the 3245 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
